Paddy Power and Betfair, have announced details of setting the recently agreed merger. The new company will be worth £5 billion (€6.87bn/$7.68bn). As it used to be, the brands will be managed separately in the UK, Ireland and Italy. The headquarters of Paddy Power Betfair will be situated in Dublin, Ireland.

Both enterprises, that together employ 7,000 people, are planning “some headcount reduction” in order to save around £50m a year. However, the exact plans are yet unknown.

Garry McGann, Paddy Power chairman who will maintain his position within the combined business, said: “The merger of Paddy Power and Betfair will create a company of world class capability and people who will deliver substantial up-front synergies and a platform for very exciting business expansion.”

Paddy Power investors will hold 52% of the new venture’s shares and the remaining 48% will be owned by Betfair.

The enlarged entity will be governed by present CEO of Betfair, Breon Corcoran.

The merger’s details are expected to be voted in December and the whole process is said to be finalised in Q1, 2016.

Chairman of Betfair, Gerald Corbett, said that the merger has a “huge strategic sense by bringing together two industry leading and successful businesses and providing enlarged scale, capability and distinctive, complementary brands”.

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